ELSA, the platform dedicated to English language learning, announced today that it has successfully secured $22.5 million in Series C funding. Alongside this milestone, the company unveiled the ELSA AI Tutor, a cutting-edge tool harnessing extensive speech recognition data amassed by the application over the years. ELSA AI Tutor leverages generative AI to replicate conversational scenarios, aiding learners in refining their pronunciation, grammar, and tone. With this latest funding round, ELSA has now amassed a total of $60 million in investments.
UOB Venture Management led the funding round, with notable participation from UniPresident, Aozora Bank, Vietnam Investments Group (VIG), and the Development Bank of Japan (DBJ). Existing supporters, including Gradient Ventures (Google’s AI-focused fund), Monk’s Hill Ventures, and Global Ventures, also rejoined the initiative. As a significant development, Clarissa Loh, Senior Director at UOB, joined ELSA’s board. The last investment round for ELSA was a $15 million Series B, which was announced in January 2021. ELSA maintains offices in San Francisco, Lisbon, and Ho Chi Minh City.
Vu Van, Founder and CEO of ELSA, conveyed in an email that the raised capital will be deployed “to bolster and expand our platform’s global presence. For example, we aim to further enhance our operations in Taiwan with our new investors, extend our reach to the Middle East and Turkey, and build upon our accomplishments in Japan with students while intensifying our focus on B2B opportunities. English proficiency stands as a paramount job requirement worldwide, and we aspire to empower more individuals to enter the global job market with enhanced English skills.”
ELSA’s journey commenced in 2016, initiated by Van. The platform has since evolved to offer tailored speaking lessons, personalized learning plans, test and interview preparation, and a speech analyzer to help users enhance their conversational abilities. ELSA AI Tutor, a voice-based AI tutor, presents role-play scenarios for users to engage with, such as simulating customer service interactions. Utilizing speech recognition, ELSA AI Tutor provides guidance on correcting pronunciation, grammar, cadence, and appropriateness of tone in professional settings. This feature also remembers users’ prior performances to customize their lessons. ELSA AI Tutor is designed for individuals seeking to practice live conversations with a tutor, even in the absence of access to one.
In response to the investment, Clarissa Loh remarked, “We believe that artificial intelligence will chart a new course for the education industry. ELSA’s cost-effective and personalized AI-driven English speaking solution will enable users to enhance their skills, thereby expanding their job prospects, particularly in developing countries. We are thrilled to support ELSA’s expansion into new markets, particularly in Southeast Asia.”
